The Rock Building Society Rock Star Package gives you the ability to choose a very low variable interest rate or from a very low to moderate fixed rate if your loan is on an owner-occupied property.
The rates may be higher for investment properties and the line of credit option has moderately high to high variable rates.
The loan split option gives you the choice to split your loan into both a variable and fixed rate portions so you can have the benefits provided by each type of rate.
You might be able to receive a discount on your rate if your deposit is greater than 20 per cent, but if your deposit is smaller than this be sure you add the cost of lenders mortgage insurance into the total cost of this loan.
For variable rate loans, you can access up to two 100 per cent offset accounts in order to use your savings to reduce the amount of interest you owe.
During any fixed terms, you can link two deposit accounts to your loan that pay interest on your full balance.
Unrestricted additional repayments are allowed, which could help you even further in reducing how much interest you must pay by reducing your loan term.
And, there is a free online redraw facility if you need to access these payments again. This loan has a higher minimum borrowing amount that you must meet and is available on new loans only, as such, it is not suitable for refinancing.
The Rock Building Society Rock Star Package is available for new home or investment property purchases and the options could be suitable for borrowers looking for ways to reduce the amount of interest they must pay or for borrowers looking for a line of credit loan with added features and benefits.
The Rock Building Society Rock Star Package could be a great option since there are lower interest rates offered and features that could make this a suitable home loan depending on what you’re looking for.
Ultimately, this loan gives you flexibility in your repayments though it does come at a price with the entry, exit and annual fees.
So, this loan is better suited if it includes everything you’re looking for and if you plan on taking advantage of all of the available features to make the most of the annual fee.
The Rock Building Society Rock Star Package is offered for home and investment purchases at fixed and variable interest rates or as a line of credit.